Smart Ring Company Oura Raises $28 Million In Funding

By Amit Chowdhry ● March 19, 2020
  • Oura announced it raised $28 million in Series B funding from Gradient Ventures, Square, and Forerunner Ventures

Finland-based smart ring company Oura announced it raised $28 million in Series B funding from Gradient Ventures, Square, and Forerunner Ventures. Previously, Oura raised about $20 million from renowned celebrities and athletes like Will Smith, Shaquille O’Neal, and Lance Armstrong.

The Oura device monitors the pulse, movement, and temperature of the user. This is impressive considering that it is a ring device rather than a wearable worn on the wrist. The ring — which is made of titanium — is built with LEDs and NTC temperature sensors. And it also has a built-in accelerometer and gyroscope.

Within the Oura mobile app, users can review their data. The app displays a “sleep score” that provides useful insights about how well the user is sleeping.

With this funding round, the company plans to grow its team, according to VentureBeat. And Oura CEO Harpreet Singh Rai pointed out that the company is now well-financed to grow its team by hiring talent to further the company’s commitment to helping people live healthier.

In connection with the funding round, Forerunner partner Eurie Kim is joining the Oura board. And Gradient Ventures partner and Google VP of Engineering Anna Patterson will serve as a board observer. Square’s head of hardware Jesse Dorogusker is also joining the Oura board of directors.

So far, Oura sold 150,000 rings to data and now the company has 100 employees around the world.